GME Stock Price: Gamestop sinks as rising inflation causes markets to batter growth stocks

NYSE:GME fell by 1.46% during Thursday’s trading session.
GameStop needs Microsoft to provide its NFT marketplace legitimacy.
A US Senator is caught trading Robinhood stock amidst his investigation into the company.

Stocks Reporter FXStreet

NYSE:GME still remains one of the most discussed ticker symbols on social media sites like Reddit, over a year from the original short squeeze. On Thursday, shares of GameStop fell by 1.46% and closed the trading session at $122.47. There wasn’t any specific news from the company, rather an economic report that sent the markets spiralling into the red. January inflation came in higher than expected and grew at the fastest rate since 1982. As a result, all three indices closed the day lower, with the tech-heavy NASDAQ tumbling by 2.10%, while the S&P 500 fell by 1.81%.

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After news finally came last week on GameStop’s long-awaited NFT marketplace, there is a swirling rumor that would likely add more legitimacy to its cause. GameStop reported a partnership with the blockchain company Immutable X, but it is a rumor of a further partnership with Microsoft (NASDAQ:MSFT) that has investors excited. A relationship with the tech giant would truly bolster GameStop’s chances in the NFT industry, especially when it is up against existing platforms like OpenSea. Nothing official has been announced, but any confirmation would likely send shares of GameStop soaring once again.

GME stock news

In what has become a common theme amongst US politicians, Democratic Senator Richard Blumenthal and his wife traded shares of the trading platform Robinhood (NASDAQ:HOOD). What’s the significance of this? Blumenthal and other Senators recently called an investigation into how Robinhood carries out its trading practices. It’s been over a year since Robinhood was at the center of the GameStop short squeeze, and is currently trading near its 52-week lows.

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Stocks Reporter

FXStreet

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